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I can really only give my personal viewpoint of it. But for me personally I just have not been paying my mortgage only because I was lucky enough to have a gove

I can really only give my personal viewpoint of it. But for me personally I just have not been paying my mortgage only because I was lucky enough to have a government backed mortgage loan where I could tell the bank "tough shit" until the end of the year. Also there have been temporary measures in place for things like utilities, ISPs, mobile phone plans etc. where people will keep accruing obligations on their bills without the services being cutoff. However it seems that those programs are about to come to an end. Locally where I live the utility service here said they will start doing cutoffs in August. So I think it's a mixture of some amount of savings, some access to credit, and then a kicking of the can down the road for a few months. So my guess overall is that basically we are simply delaying the problem in a bunch of different ways. But at the end of that delay is going to be a lot of economic hurt when those bills actually come due.

wronglebowski 6y ago
In my experience access to credit besides credit cards has been extremely limited. My wife and I looked into several different personal or short term loan options for our upcoming IVF cycle(approx 30k$). Most banks have either stopped offering them completely or made the requirements much harder. The two of us with credit scores of 750+, combined 200k annual income and little existing debt couldn't get approved for a simple 5k$ loan. I fear for those that have a more dire need for the cash than we do.
- causalmodels 6y ago
  This reminds me of a little trick I learned while working in finance. If you have bad credit but have over $1,000 in cash, go and get an unsecured loan for roughly 90% of your cash on hand. Ideally the terms should have a negligible or nonexistent prepayment penalty. Once you have the loan, repay it within 2-3 business days. Rinse and repeat until your credit score starts to improve.
- kevin_thibedeau 6y ago
  Is there a reason why you can't get by on $170k?
  - wronglebowski 6y ago
    Newlyweds, not a ton of savings. Trying to balance building a safety net while building a family. It's not a terrible hardship given our current situation but given the volatility in the job market it certainly makes us uncomfortable.

wronglebowski 6y ago

In my experience access to credit besides credit cards has been extremely limited. My wife and I looked into several different personal or short term loan options for our upcoming IVF cycle(approx 30k$). Most banks have either stopped offering them completely or made the requirements much harder. The two of us with credit scores of 750+, combined 200k annual income and little existing debt couldn't get approved for a simple 5k$ loan. I fear for those that have a more dire need for the cash than we do.

causalmodels 6y ago
This reminds me of a little trick I learned while working in finance. If you have bad credit but have over $1,000 in cash, go and get an unsecured loan for roughly 90% of your cash on hand. Ideally the terms should have a negligible or nonexistent prepayment penalty. Once you have the loan, repay it within 2-3 business days. Rinse and repeat until your credit score starts to improve.
kevin_thibedeau 6y ago
Is there a reason why you can't get by on $170k?
- wronglebowski 6y ago
  Newlyweds, not a ton of savings. Trying to balance building a safety net while building a family. It's not a terrible hardship given our current situation but given the volatility in the job market it certainly makes us uncomfortable.